Having a cancer history or even going through present treatment can be difficult enough. When dealing with the financial issues associated with the illness (medical bills, inability to work normal hours…) one may feel even more overwhelmed and alone. Although, many non-profit associations have made resources available for individuals with cancer, the subject of life insurance, we feel, is often poorly covered. Individuals with this illness may not have thought of securing enough life insurance or may not have had the time to. Now that they are ill, many feel that no insurance plans may be available or rates may be too high or no one cares to simply advise them on how to secure a policy now or later.

Here are some simple steps to follow to improve your chances of securing a life insurance policy.

Get your medical information together

As much possible, it is important that you share your health history with the insurance company or broker. This should include not only your cancer history but also your other health history. Your height and weight and your tobacco use should also be shared. Note that this information should be shared with a broker or agent before you even apply to any company. The purpose of this step is to eliminate companies that would not even consider an approval. Although none can guarantee an approval based on the information you will save much time weeding out the ones that are most likely to deny coverage just on the medical information you furnish them. Be precise when sharing information. For example, some insurance companies may consider "presently undergoing cancer treatment" as a treatment such as chemotherapy but not maintenance drugs such as Arimidex. Cancer maintenance drugs are not always ground for automatic decline.

Select the top three choices

How can one decide which companies are the top three choices for life insurance? Two factors will influence that, price and coverage type (assuming you have already selected only highly rated companies). Most insurance companies will give you a possible approval price range. Some, as with simplified whole life, may give you a fixed rate which will either be approved with a simplified underwriting process or be declined. Plan types are also a factor. If you need long term coverage, select the plans that offer you the longest term possible. If all you need is a short term plan such as a 10 year term life insurance policy, then only apply to these plans. Note that, at times, you may find that long term plans are better priced than 10 year term polices. In that case, of course, select the better plan.

Stay in touch with your broker

Once you have applied, it is imperative that you stay in touch with your broker. A good broker will update you regularly but not all will. You must stay in touch and make sure that medical records are being processed by your doctor, exam is set and any information needed is supplied. Don't be afraid to ask questions throughout the process or even suggest other possible insurance companies. No matter how great your broker is, he or she does not know everything and if you work closely with him or her, a good broker will appreciate your input and the information you share about other options and insurance companies.

Errors people may make

• Look at the application and decide that they cannot get approved – insurance companies often have different interpretation of terms used.
• Select a short term plan to cover a long term need – Thinking that you may always re-apply later at a lower rate once your cancer is far behind, we feel, is too big of a gamble.
• Give up too early because of a decline or high rating
• Not selecting a broker with access to multiple insurance companies
• Lying on the insurance application
• Automatically not accepting an offer because it is graded life insurance (coverage is delayed for two to three years)
• Thinking that having an insurance exam will be worse than doing a no exam life insurance
• Not asking enough questions and share vital information before, during and after the underwriting process

We hope that these simple steps and tips will greatly help you secure the life insurance coverage you need. Always feel free to ask us questions. Be well.